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CHAPTER 4

LEASES
PROBLEMS

4-1. (Hope Manufacturing Company and Charity Company)


(a) Lessor’s Books (Hope Manufacturing Co.)
2013
Jan. 1 Machinery for lease 2,200,000
Cash 2,200,000
1 Cash 600,000
Rent revenue 400,000
Unearned rent revenue 200,000
2 M/5 = 400,000
2 M x 30% = 600,000
1 Machinery for lease 60,000
Cash 60,000

Dec. 31 Depreciation expense 212,000


Accumulated depreciation 200,000
Machinery for lease 12,000
(2.2 M – 200,000)/10 200,000
60,000 / 5 years 12,000
Total 212,000
2014
Jan. 1 Cash 400,000
Rent revenue 400,000
2,000,000 x 20%
Dec. 31 Depreciation expense 212,000
Accumulated depreciation 200,000
Machinery for lease 12,000

Lessee’s Books (Charity Co.)


2013
Jan. 1 Rent expense 400,000
Prepaid rent 200,000
Cash 600,000
2014
Jan. 1 Rent expense 400,000
Cash 400,00
(b)
Statement of Comprehensive Income: Hope Charity
(In profit or loss section)
Rent revenue 400,000
Depreciation expense 212,000
Rent expense 400,000
Statement of Financial Position
Machine for lease, net of accum. 2,048,000
depreciation
Unearned rent revenue 200,000
Prepaid rent 200,000
Chapter 4 – Leases

4-2. (Blessed Realty)


a. (7,500 x 4) + (10,000 x 3) + (12,000 x 3) + (15,000 x 2) 126,000
Total lease period ÷ 12 mos.
Monthly rent expense 10,500
No. of mos. from Sept. 1 – Dec. 31, 2013 x4
Rent expense for 2013 42,000

b. Rent expense for 2013 42,000


Rent payments made during 2013 30,000
Rent payable at December 31, 2013 12,000

4-3. (Faith Company)


a. Monthly rental payment 10,000
No. of payments (60-6 mos free) x 54
Total payments 540,000
Rent expense for 2013 (540,000 x 4/60) 36,000
or
Monthly rental 10,000
Less lease bonus (60,000/60 mos) (1,000)
Rent expense per month 9,000
Rent expense for 2013 (9,000 x 4) 36,000

Rent expense for 2014 (9,000 x 12) 108,000

(b) Faith Company


2013
Dec. 31 Rent expense 36,000
Rent payable 36,000
9,000 x 4 = 36,000
2014
Mar. 1 - Dec. 1 monthly entry
Rent expense 10,000
Cash 10,000
Dec. 31 Rent expense 8,000
Rent payable 8,000
Rent expense for 2013:
540,000 x 12/60 108,000
Payments in 2013 100,000
Increase in rent payable 8,000

Love Corporation
2013
Dec. 31 Rent receivable 36,000
Rent revenue 36,000
2014
Mar. 1 - Dec. 1 monthly entry
Cash 10,000
Rent revenue 10,000

Dec. 31 Rent receivable 8,000


Rent revenue 8,000

43
Chapter 4 – Leases

4-4. (Way Company)


a. Fixed annual rental 960,000
Additional rent 5% x (6M-5M) 50,000
Amortization of lease bonus (125,000/5 years) 25,000
Rent expense for 2013 1,035,000

b. Prepaid rent expense (125,000 – 25,000) 100,000


Security deposit (discounted for 4 years at 10%)
150,000 x 0.6830 102,450

4-5. (Truth Corporation)


a. Rent revenue (920,000 x 9/12) 690,000
Depreciation expense
3,500,000/6 = 583,333; 583,333 x 9/12 (437,500)
Maintenance and other related costs (50,000)
Income before income tax 202,500

b. Rent expense (920,000 x 9/12) 690,000

4-6. (Provident Company)


Lessor’s Books
2013
July 1 Equipment for lease 1,500,000
Cash 1,500,000
Oct. 1 Cash 54,000
Rent revenue 54,000
1 Cash 30,000
Rent revenue 30,000
Nov. 1 Cash 30,000
Rent revenue 30,000
Dec. 1 Cash 30,000
Rent revenue 30,000
31 Rent revenue 49,500
Unearned rent revenue 49,500
54,000 x 33/36 = 49,500
31 Depreciation expense 75,000
Accumulated depreciation 75,000
(1,500,000 / 10) x 6/12

Lessee’s Books
2013
Oct. 1 Rent expense 54,000
Cash 54,000
1 Rent expense 30,000
Cash 30,000
Nov. 1 Rent expense 30,000
Cash 30,000

44
Chapter 4 – Leases

Dec. 1 Rent expense 30,000


Cash 30,000
31 Prepaid rent 49,500
Rent expense 49,500

4-7. (Generous, Inc.)


260,000 x 4.2397 1,102,322
200,000 x 0.6499 129,980
Total capitalized cost 1,232,302

(a) Amortization Table


Total Annual Interest Reduction in Lease
Date Payment Expense Principal Obligation
01/01/13 - - 1,232,302
01/01/13 260,000 - 260,000 972,302
01/01/14 260,000 87,507 172,493 799,809
01/01/15 260,000 71,983 188,017 611,792
01/01/16 260,000 55,061 204,939 406,853
01/01/17 260,000 36,617 223,383 183,470
12/31/17 200,000 16,530* 183,470 -
*Adjusted; difference is due to rounding off.
(b)
2013
Jan. 1 Leased automobile 1,232,302
Finance lease obligation 1,232,302
1 Finance lease obligation 260,000
Cash 260,000
Dec. 31 Interest expense 87,507
Interest Payable 87,507
31 Depreciation expense 206,460
Accumulated depreciation 206,460
(1,232,302-200,000)/5
2014
Jan. 1 Finance lease obligation 172,493
Interest payable 87,507
Cash 260,000
Dec. 31 Interest expense 71,983
Interest payable 71,983
31 Depreciation expense 206,460
Accumulated depreciation 206,460

(c)
Dec. 31 Accumulated depreciation 1,032,300
Interest expense 16,532*
Finance lease obligation 183,470
Leased automobile 1,232,302
*adjusted; balancing figure

45
Chapter 4 – Leases

(d)
Dec. 31 Loss on finance lease 50,000
Accumulated depreciation 1,032,300
Interest expense 16,532
Finance lease obligation 183,470
Leased automobile 1,232,302
Cash 50,000

4-8. (Diana Corporation)


(a) 86,680 x 4.1699 = 361,447

(b) Amortization Table


Total Annual Interest Reduction in Lease
Date Payment Expense Principal Obligation
01/01/13 - - 361,447
01/01/13 86,680 - 86,680 274,767
01/01/14 86,680 27,477 59,203 215,564
01/01/15 86,680 21,556 65,124 150,440
01/01/16 86,680 15,044 71,636 78,804
01/01/17 86,680 7,876* 78,804 -
*Adjusted; difference is due to rounding off.

(c)
2013
Jan. 1 Leased machine 361,447
Finance lease obligation 361,447
1 Finance Lease Obligation 86,680
Cash 86,680
Dec. 31 Interest expense 27,477
Interest payable 27,477
31 Depreciation expense 72,289
Accumulated depreciation 72,289
361,447/5 years
2014
Jan. 1 Finance lease obligation 59,203
Interest payable 27,477
Cash 86,680
Dec. 31 Interest expense 21,556
Interest payable 21,556
31 Depreciation expense 72,289
Accumulated depreciation 72,289

(d)
Statement of Financial Position 2013 2014
Property, plant and equipment
Leased machine 361,447 361,447
Accumulated depreciation 72,289 144,578
Current liabilities:
Interest payable 27,477 21,556
Finance lease obligation 59,203 65,124

46
Chapter 4 – Leases

Noncurrent liabilities:
Finance lease obligation 215,564 150,440

Income Statement
Interest expense 27,477 21,556
Depreciation expense 72,289 72,289

4-9. (Riza, Inc.)


(a) 1,011,840/135,000 = 7.4951 PV of an annuity due for 12 periods
From Table VI across 12 periods, 7.4951 is under 10% interest rate.
(b)
Total Annual Interest Reduction in Lease
Date Payment Expense Principal Obligation
12/31/13 - - 1,011,840
12/31/13 135,000 - 135,000 876,840
12/31/14 135,000 87,684 47,316 829,524
12/31/15 135,000 82,952 52,048 777,476

(c) (1,011,840 – 40,000) / 15 years P64,789

(d)
12/31/13 Leased equipment 1,011,840
Finance lease obligation 1,011,840

Finance lease obligation 135,000


Cash 135,000
12/31/14 Finance lease obligation 47,316
Interest expense 87,684
Cash 135,000

Depreciation expense 64,789


Accumulated depreciation 64,789
(1,011,840 – 40,000) / 15

(e) Lease obligation as of December 31, 2013:


Current portion P 47,316
Noncurrent portion 829,524

4-10. (Shirley Corporation)


(a) 150,000 x 4.0373 605,595
240,000 x 0.5674 136,176
Total capitalized cost 741,771
(b)
Total Annual Interest Reduction in Lease
Date Payment Expense Principal Obligation
01/01/13 - - 741,771
01/01/13 150,000 - 150,000 591,771
01/01/14 150,000 71,013 78,987 512,784
01/01/15 150,000 61,534 88,466 424,318
01/01/16 150,000 50,918 99,082 325,236
01/01/17 150,000 39,028 110,972 214,264
12/31/17 240,000 25,736* 214,264 -
*Adjusted; difference is due to rounding off.

47
Chapter 4 – Leases

(c) 741,771 / 15 years P49,451

(d)
2013
Jan. 1 Leased machinery 741,771
Finance lease obligation 741,771
1 Finance lease obligation 150,000
Cash 150,000
Dec. 31 Interest expense 71,013
Interest payable 71,013
31 Depreciation expense 49,451
Accumulated depreciation 49,451

2014
Jan. 1 Finance lease obligation 78,987
Interest payable 71,013
Cash 150,000
Dec. 31 Interest expense 61,534
Interest payable 61,534

31 Depreciation expense 49,451


Accumulated depreciation 49,451

(e)
Dec. 31 Interest expense 25,736
Finance lease obligation 214,264
Accumulated depreciation 247,255
Machinery 494,516
Leased machinery 741,771
Cash 240,000

(f)
Dec. 31 Interest expense 25,736
Finance lease obligation 214,264
Accumulated depreciation 247,255
Loss on finance lease 254,516
Leased machinery 741,771

4-11. (Sam Company)

(a) Present value of minimum lease payments


700,000 x 6.3282 P4,429,740

(b) Annual depreciation (4,429,740/10) P 442,974

48
Chapter 4 – Leases

(c)
2013
July 1 Building 4,429,740
Finance lease obligation 4,429,740

1 Taxes and insurance expense 50,000


Finance lease obligation 700,000
Cash 750,000

Dec. 31 Interest expense 223,784


Interest payable 223,784
447,569 x 6/12

31 Depreciation expense-Building 221,487


Accum. Depreciation-Building 221,487

31 Prepaid taxes and insurance 25,000


Taxes and insurance expense 25,000

2014
July 1 Taxes and insurance expense 50,000
Interest payable 223,784
Interest expense 223,785
Finance lease obligation 252,431
Cash 750,000

Dec. 31 Interest expense 208,639


Interest payable 208,639
417,277 x 6/12

31 Depreciation expense 442,974


Accum. Depreciation-building 442,974

Amortization Table
Periodic Applied to Balance of
Date Payment Interest Principal Principal
July 1, 2013 P4,429,740
July 1, 2013 P700,000 - P700,000 3,729,740
July 1, 2014 700,000 P447,569 252,431 3,477,309
July 1, 2015 700,000 417,277 282,723 3,194,586

4-12. (Joy Company)


a.
2013
Aug. 1 Finance lease receivable 605,000
Equipment for lease 480,000
Unearned interest revenue 125,000
1 Unearned interest revenue 1,900
Cash 1,900

1 Cash 100,000
Finance lease receivable 100,000

49
Chapter 4 – Leases

Dec. 31 Unearned interest revenue 15,912


Interest revenue 15,912
38,190 x 5/12

Partial Amortization Table


Periodic Reduction in Balance of
Date Payment Interest Principal Principal
08/01/13 - - 481,900
08/01/13 100,000 - 100,000 381,900
08/01/14 100,000 38,190 61,810 320,090

(b) As of December 31, 2013:


Total Current Non-current
Finance lease receivable P505,000 P100,000 P405,000
Unearned interest revenue 107,188 22,278 84,910
P397,812 P 77,722 P320,090
Current portion:
Principal due in 2014 P 61,810
Accrued interest, 12/31/13 (38,190 x 5/12) 15,912

4-13. (Jackie Chan and Chris Tucker)

Annual Lease Payment:


Fair value of asset P600,000
PV of BPO = 40,000 x .6209 24,836
PV of periodic payment P575,164
PV factor (Annuity due for 5 years at 10%) ÷4.1699
Periodic payment P137,932

Periodic Reduction in Balance of


Date Payment Interest Principal Principal
Jan. 1, 2013 P600,000
Jan. 1, 2013 P137,932 P137,932 462,068
Jan. 1, 2014 137,932 P46,207 91,725 370,343
Jan. 1, 2015 137,932 37,034 100,898 269,445
Depreciable cost = P600,000 – P20,000 = P580,000

2013 Depreciation = P580,000 x 6/21 = P165,714


2014 Depreciation = P580,000 x 5/21 = 138,095

(a) Books of Chris Tucker


2013
Jan. 1 Leased equipment 600,000
Finance lease obligation 600,000

1 Finance lease obligation 137,932


Cash 137,932

Dec 31 Interest expense 46,207


Interest payable 46,207

31 Depreciation expense – Leased equipment 165,714


Accum. depr. – Leased equipment 165,714

50
Chapter 4 – Leases

2014
Jan. 1 Finance lease obligation 91,725
Interest payable 46,207
Cash 137,932

Dec 31 Interest expense 37,034


Interest payable 37,034

Depreciation expense 138,095


Accum. depr.– Leased equipment 138,095

(b) Books of Jackie Chan


2013
Jan. 1 Finance lease receivable 729,660
Equipment for lease 600,000
Unearned interest revenue 129,660

Cash 137,932
Finance lease receivable 137,932

Dec 31 Unearned interest revenue 46,207


Interest revenue 46,207
2014
Jan. 1 Cash 137,932
Finance lease receivable 137,932

Dec 31 Unearned interest revenue 37,034


Interest revenue 37,034

4-14. (Ben Ten and Ironman)


(a) Direct finance lease
(The cash price equals the carrying value of the asset; hence, there is
no gross profit).

(b) The rate is approximately 8%. The PV factor is P539,730/80,000 =


6.7466; in line 9 (which is 8 annual payments of P80,000 + 1 payment
for guaranteed residual value of same amount), the corresponding
interest rate is 8%.

(c)
Partial amortization table
Periodic Reduction in Balance of
Date Payment Interest Principal Principal
April 1, 2013 P539,730
April 1, 2013 80,000 80,000 459,730
April 1, 2014 80,000 36,778 43,222 416,508
April 1, 2015 80,000 33,321 46,679 369,829

51
Chapter 4 – Leases

Ironman
2013
Apr. 1 Equipment 539,730
Finance lease obligation 539,730

1 Finance lease obligation 80,000


Cash 80,000

Dec. 31 Interest expense 27,584


Interest payable 27,584
36,778 x 9/12

31 Depreciation expense 43,100


Accumulated depreciation 43,100
(539,730-80,000)/8 = 57,466
57,466 x 9/12 = 43,100

2014
Apr. 1 Interest expense (36,778-27,584) 9,194
Interest payable 27,584
Finance lease obligation 43,222
Cash 80,000

Dec. 31 Interest expense 24,991


Interest payable 24,991
33,321 x 9/12

31 Depreciation expense 57,466


Accumulated depreciation 57,466
(539,730-80,000)/8 = 57,466

(d) Books of Ben Ten


2013
Apr. 1 Finance lease receivable 720,000
Unearned interest revenue 180,270
Equipment for lease 539,730
80,000x 8 = 640,000;
640,000 + 80,000 GRV = 720,000

1 Cash 80,000
Finance lease receivable 80,000

Dec. 31 Unearned interest revenue 27,584


Interest revenue 27,584

2014
Apr. 1 Cash 80,000
Finance lease receivable 80,000

1 Unearned interest revenue 9,194


Interest revenue 9,194

52
Chapter 4 – Leases

Dec. 31 Unearned interest revenue 24,991


Interest revenue 24,991
32,893 x 9/12

(e) The asset shall be recorded at P496,512 which is 80,000 x 6.2064.


Depreciation for 2013 = 496,512/8 x 9/12 = 46,548

(f) No difference in journal entries. To the lessor, under the direct finance
lease, it does not matter whether the residual value is guaranteed or
unguaranteed.

4-15. (Prudent Company)


(a) Sales price 1,011,840
Cost of machine 784,500
Gross profit 227,340

(b) Gross investment (135,000 x 12) 1,620,000


Sales 1,011,840
Total financial revenue over the lease term 608,160

(c) Interest revenue for 2012


(1,011,840 – 135,000) x 10% x 6/12 43,842

(d) Finance lease receivable 1,485,000


Less Unearned interest revenue 564,318
Net finance lease receivable, December 31, 2013 920,682

4-16. (Glad Manufacturing Company)


(a)
2013
Apr. 1 Finance lease receivable 1,500,000
Cost of sales 893,350
Unearned interest revenue 426,380
Sales 1,026,970
Finished goods inventory 940,000
175,000 x 8 = 1,400,000
1,400,000 + 100,000 = 1,500,000
940,000–(100,000 x0.4665)=893,350
175,000 x 5.8684 = 1,026,970
100,000 x 0.4665 = 46,650
1,026,970 + 46,650 = 1,073,620
1,500,000 – 1,073,620 = 426,380

1 Cash 175,000
Finance lease receivable 175,000
Dec. 31 Unearned interest revenue 67,397
Interest revenue 67,397
89,862 x 9/12

53
Chapter 4 – Leases

2014
Jan. 1 Interest revenue 67,397
Unearned interest revenue 67,397
Apr. 1 Cash 175,000
Unearned interest revenue 89,862
Finance lease receivable 175,000
Interest revenue 89,862

Dec. 31 Unearned interest revenue 61,011


Interest revenue 61,011
81,348 x 9/12

Partial amortization table


Periodic Reduction in Balance of
Date Payment Interest Principal Principal
April 1, 2013 P1,073,620
April 1, 2013 175,000 175,000 898,620
April 1, 2014 175,000 89,862 85,138 813,482
April 1, 2015 175,000 81,348 93,652 719,830

*The compound entry may also be presented as follows:


Apr. 1 Finance lease receivable 1,400,000
Sales 1,026,970
Unearned interest revenue 373,030

1 Cost of sales 940,000


Finished goods inventory 940,000

1 Finance lease receivable 100,000


Cost of sales 46,650
Unearned interest revenue 53,350

(b) (i) Sales 1,026,970


Cost of Sales (940,000 – 46,650) 893,350
Gross profit on sales 133,620
(ii) Interest Revenue for 2012 (see journal entries) 67,397

(c) Sales (1,026,970 + 46,650) 1,073,620


Cost of sales (cost of the asset) 940,000

4-17. Ruby Company


a. Manufacturer’s or dealer’s lease, because FV exceeds CV. The
difference represents gross profit, which characterizes a dealer’s or
manufacturer’s lease.

b. Present value of MLP = 850,365 x 4.6048 P3,914,080


Present value of residual value = 166,300 x .5066 84,248
Total present value P3,998,328
Carrying value of leased asset 3,200,000
Gross Profit P 798,328
Lease arrangement cost ( 85,000)
Interest income 377,756 x 3/12 94,439
Total income in 2013 P 807,767

54
Chapter 4 – Leases

c. Amortization Table
Periodic Reduction in Balance of
Date Payment Interest Principal Principal
Oct. 1, 2013 P3,998,328
Oct. 1, 2013 P850,365 P850,365 3,147,963
Oct. 1, 2014 850,365 P377,756 472,609 2,675,354
Oct. 1, 2015 850,365 321,042 529,323 2,146,031

2013
Oct. 1 Finance lease receivable (850,365 x 6) + 166,300 5,268,490
Cost of goods sold (3,200,000 – 84,248) 3,115,752
Inventory 3,200,000
Sales 3,914,080
Unearned interest revenue 1,270,162

1 Selling expense 85,000


Cash 85,000

1 Cash 850,365
Finance lease receivable 850,365

Dec. 31 Unearned interest revenue 94,439


Interest revenue 94,439
2014
Oct. 1 Cash 850,365
Finance lease receivable 850,365

Dec 31 Unearned interest revenue 363,578


Interest revenue 363,578
(377,756 – 94,439) + (321,042 x 3/12)

d. Amortization Table for Emerald


Periodic Reduction in Balance of
Date Payment Interest Principal Principal
Oct. 1, 2013 P3,914,080
Oct. 1, 2013 850,365 850,365 3,063,715
Oct. 1, 2014 850,365 367,646 482,719 2,580,996
Oct. 1, 2015 850,365 309,720 540,645 2,040,351
2013
Oct. 1 Leased equipment 3,914,080
Finance lease obligation 3,914,080

Finance lease obligation 850,365


Cash 850,365

Dec 31 Interest expense 91,912


Interest payable 91,912
367,646 x 3/12 = 91,912

31 Depreciation expense 163,087


Accumulated depreciation 163,087
3,914,080/6 x 3/12

55
Chapter 4 – Leases

2014
Oct. 1 Interest payable 91,912
Interest expense 367,646 – 91,912 275,734
Finance lease obligation 482,719
Cash 850,365

Dec.31 Interest expense 77,430


Interest payable 77,430
309,720 x 3/12

Depreciation expense 652,347


Accumulated depreciation 652,347

4-18. (Metro Industries)


Correction to the problem: the equipment’s fair value is P368,606, instead of
P400,000.
(a) Sales = (99,046 x 3.1699) + (80,000 x.6830) = P368,606
(b) Sales P368,606
Cost of equipment sold (300,000)
Selling expense ( 15,000)
Interest income (368,606 x 10%) 36,861
Total profit from lease P 90,467
(c) Depreciation expense recorded by Western
(368,606 – 80,000) / 4 = P 72,152

4-19. (Legend Company)


(a) Selling price of the machinery (150,000 x 4.0373) 605,595
(b) Deferred gain on January 1, 2013 (605,595 – 411,750) 193,845
(c) Depreciation expense for 2013 (605,595 / 5 years) 121,119
(d) Interest expense for 2013 (605,595 – 150,000) x 12% 54,671
(e) Gain on sale-leaseback for 2013 (193,845 / 5 years) 38,769

4-20. (Honest Company)


(a)
2013
July 1 Cash 540,000
Accumulated depreciation 350,000
Equipment 800,000
Gain on sale leaseback 90,000
July 1 Rent expense 80,000
Cash 80,000
Dec. 31 Prepaid rent 40,000
Rent expense 40,000

56
Chapter 4 – Leases

(b)
2013
July 1 Cash 540,000
Accumulated depreciation 350,000
Equipment 800,000
Gain on sale leaseback 50,000
Unearned profit on sale leaseback 40,000
1 Rent expense 80,000
Cash 80,000
Dec. 31 Prepaid rent 40,000
Rent expense 40,000
31 Unearned profit on sale leaseback 5,000
Profit on sale leaseback 5,000
(40,000/4) x 6/12
(c)
2013
July 1 Cash 400,000
Accumulated depreciation 350,000
Loss on sale leaseback 50,000
Equipment 800,000
1 Rent expense 80,000
Cash 80,000
Dec. 31 Prepaid rent 40,000
Rent expense 40,000
(d)
2013
July 1 Cash 350,000
Accumulated depreciation 350,000
Deferred loss on sale leaseback 100,000
Equipment 800,000
1 Rent expense 80,000
Cash 80,000
Dec. 31 Prepaid rent 40,000
Rent expense 40,000

31 Rent expense/Loss on sale leaseback 12,500


Deferred loss on sale leaseback 12,500
100,000 x 6/48 = 12,500

MULTIPLE CHOICE QUESTIONS


Theory
MC1 B MC9 C MC17 C
MC2 D MC10 A MC18 A
MC3 C MC11 C MC19 C
MC4 D MC12 A MC20 C
MC5 D MC13 D MC21 C
MC6 D MC14 B MC22 A
MC7 A MC15 A MC23 A
MC8 C MC16 C MC24 D

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Chapter 4 – Leases

Problems
MC25 C 900,000 + (500,000 / 5 yrs) = 1,000,000
MC26 C 40,000 + (125,000 x 4) = 540,000; 540,000 / 5 yrs = 108,000
MC27 D This is an operating lease; thus, there is no interest expense involved.
MC28 D 240,000 x 6/12 = 120,000
MC29 C 3,600,000 / 3 yrs = 1,200,000
MC30 B 3,600,000 x 2/3 = 2,400,000; 600,000 + 900,000 = 1,500,000
2,400,000 – 1,500,000 = 900,000
MC31 B 500,000 x 4.61 = 2,305,000
MC32 D 2,305,000 – 500,000 – 283,400 = 1,521,600;
500,000 – (12% x 1,805,000)=283,400
MC33 A 2,305,000 / 6 = 384,167
MC34 B 1,350,000-200,000=1,150,000; 1,150,000 x 10% = 115,000
200,000-115,000 = 85,000
MC35 B 400,000 x 5.95 = 2,380,000
MC36 D (2,400,000 – 200,000) / 8 yrs = 275,000
MC37 D (1,742,174 x 3.48685) + (1,200,000 x .68301) = 6,894,311
MC38 C (6,894,311 – 1,200,000)/4 = 1,423,578
MC39 A 1,742,174 X 3.48685 = 6,074,699
MC40 D 6,074,699/4 = 1,518,675
MC41 B CV = 6,245,450 – [(6,245,450 – 80,000)/6 X 4 ] = 2,135,150
2,135,150 – 1,250,000 = 885,150
MC42 A 100,000 x 6 = 600,000
MC43 D 100,000 x 4.8 = 480,000; 480,000 – 100,000 = 380,000
380,000 x 10% x 5/12 = 15,833
MC44 C 3,520,000 – 2,800,000 = 720,000
MC45 A 3,520,000 – 600,000 = 2,920,000; 2,920,000 x 10% x 6/12 = 146,000
MC46 B 400,000 – 300,000 – 15,000 + (400,000 X 10%) = 125,000
MC47 D 400,000 – (108,951 – 40,000 interest) = 331,049
MC48 A 323,400 / 4.312 = 75,000; 75,000 x 5 = 375,000; 375,000 – 323,400 = 51,600
MC49 D 98,512 x 10% = 9,851; 30,000-9,851 =20,149; 98,512-20,149=78,363
78,363 x 10% = 7,836
MC50 C (98,512-5,000) / 4 = 23,378
MC51 D (30,000 x 2) + 5,000 = 65,000
MC52 A Initial direct costs increase the net investment in lease recorded by the lessor;
although an unguaranteed residual value is considered by the lessor and not by
the lessee, the terms of the lease already indicated that the residual value is
guaranteed.
MC53 A This excess over the limited hours should be accrued by the end of 2014, even if
payment would be made at January 1, 2015
MC54 D 550,000 – 400,000 =150,000 ; in the absence of any information, sales price is
presumed to be at fair value.
MC55 A 4,800,000 – 3,600,000 = 1,200,000
MC56 B 1,200,000 /12 x 6/12 = 50,000
MC57 B 150,000 – 100,000 = 50,000; 50,000 x 9/10 = 45,000
MC58 B 800,000 – 710,000 = 90,000 deferred on Mar. 31; 710,000 – 650,000 = 60,000
immediate gain on Mar. 31; 60,000 + [(90,000/12) x 9/12] = 65,625
MC59 D If selling price is at fair value, full amount of gain is recognized immediately.
MC60 B Additional information, lease term is 12 years out of total life of 25 years.
Deferred loss = 650,000 – 470,000; amortized loss = (180,000/12) x 9/12 =
11,250; 180,000 – 11,250 = 168,750

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